Anglais, worksheet

ACCOUNTING 1A

WORKSHEET 5 – CHAPTER 3

1.  Office Supplies had debit balance of $560 before any adjusting entries were done.  A physical count of Office Supplies showed $230 of unused supplies available.  What is the journal entry to record the Adjusting Entry to Office Supplies?

There will be 560 dollars of supplies on the debit side.

Then 330 dollars of supplies on the credit side and 330 dollars on the debit side for supplies expense.

The balance sheet will show 230 dollars of supplies remaining.

1. The Lease was paid in full for the next 6 months for a total of $12,000 on September 1, 2020.

1. Create a journal entry to record the payment of the Lease.

1. Create the monthly Journal Entry to record the Lease Expense.

1. What is the balance remaining in the Prepaid Rent at 12/31/2020 after the December adjusting entries are done.

The remaining balance will be 0 dollars.

1.  After closing entries what is the balance in the Retained Earnings account given the following information?

1. Total Revenues      $250,000
2. Total Expenses       $  85,000
3. Beg. Retained Earnings   $125,000
4. Dividends                 $  25,000

The balance of retained earnings is 265,000 dollars.

1. List the 4 Closing entries in proper order:

The four closing entries are, close credit balances in revenue accounts to income summary, close debit balances in expense accounts to income summary, close income summary account to retained earnings and close dividends to retained earnings.

1.  Below is the Adjusted Trial Balance as of December 31, 2019.  Prepare the four closing entries for the year end.